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HENSOLDT AG Investor Presentation 2021
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Investor Presentation
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HENSOLDT
FY 2020 Preliminary Results – Analyst & Investor Presentation
Taufkirchen, 24th of February 2021
Thomas Müller, CEO
Axel Salzmann, CFO
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HENSOLDT
HENSOLDT – FY 2020 preliminary results
Disclaimer
This presentation and the information contained herein are for information purposes only and should not be treated as investment advice or recommendation. It is not, and nothing in it should be construed as an offer for sale, or as a solicitation of an offer to purchase or subscribe to, any securities in any jurisdiction. Neither this presentation nor anything contained therein shall form the basis of, or be relied upon in connection with, any commitment or contract whatsoever. This presentation does not constitute a prospectus in whole or in part, and any decision to invest in securities should be made solely on the basis of the information to be contained in a prospectus and on an independent analysis of the information contained therein. This presentation may not, at any time, be reproduced, distributed or published (in whole or in part) without prior written consent of HENSOLDT. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the laws of any state of the United States, and may not be offered, sold or otherwise transferred in the United States absent registration or pursuant to an available exemption from registration under the Securities Act.
Certain financial information including financial information as of and for the financial year 2020 ended December 31, 2020 is unaudited. This presentation contains certain supplemental financial or operative measures that are not calculated in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS") or any other generally accepted accounting principles, and are therefore considered non-IFRS measures. We believe that such non-IFRS measures, when considered in conjunction with (but not in lieu of) other measures that are computed in accordance with IFRS, enhance the understanding of our business, results of operations, financial position or cash flows. There are, however, material limitations associated with the use of non-IFRS measures including (without limitation) the limitations inherent in the determination of relevant adjustments. The non-IFRS measures used by us may differ from, and may not be comparable to, similarly-titled measures used by other companies.
The information contained in this presentation has not been independently verified, and no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information contained herein and no reliance should be placed on it. HENSOLDT does not accept any liability for any loss howsoever arising (in negligence or otherwise), directly or indirectly, from this presentation or its contents or otherwise arising in connection with this presentation. This shall not, however, restrict or exclude or limit any duty or liability to a person under any applicable law or regulation of any jurisdiction which may not lawfully be disclaimed (including in relation to fraudulent misrepresentation).
The information contained in this presentation is provided as of the date of this presentation and is subject to change without notice.
Forward Looking Statement
This presentation may contain forward-looking statements about HENSOLDT and its businesses, including statements concerning its strategies, future growth potential of markets and products, profitability in specific areas, future product portfolio, and development of and competition in economics and markets. These statements are based on the current views, expectations, assumptions and information of management, and are based on information currently available to management. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods.
Any such forward-looking statements involve known and unknown risks which may cause actual results to differ significantly from any future results expressed or implied. While we believe that the assumptions made and the expectations reflected in today's presentation are reasonable, no assurance can be given that such assumptions or expectations will prove to have been correct. The risks and uncertainties which these forward-looking statements may be subject to include (without limitation) future market developments and the impact of global and European social, political and economic events and developments, including the COVID-19 pandemic, as well as defence and security spending by governments, legal restrictions and controls applicable to sales of HENSOLDT's products, including government approval requirements and moratoriums, international conflicts and political developments affecting HENSOLDT, including by way of new export restrictions, trade barriers, or political support for competitors, HENSOLDT's inclusion and participation in major defence projects and platforms and HENSOLDT's competitive situation.
The company assumes no liability whatsoever to update these forward-looking statements or to adjust them to future events or developments.
HENSOLDT's public reports and presentations are available via www.hensoldt.net
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Business Update
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HENSOLDT – FY 2020 preliminary results
HENSOLDT: Strong momentum
Record order backlog of €3.4bn(1)
€10+ billion order pipeline
Strong cash generation, deleveraging to 2.6x
German government intends to become key shareholder with 25.1% stake
(1) Order backlog is defined as the value of the order book at the respective reporting date by keeping record of customer orders starting from the opening stock and taking into account revenue and adjustments for the respective reporting period, and ending with the final stock.
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HENSOLDT – FY 2020 preliminary results
We fully delivered on our 2020 guidance
| Delivered on guidance | |
|---|---|
| Order backlog(1) on record level at €3.4bn, reflecting a book-to-bill ratio(2) of 2.1x | ☑ |
| Revenues increased by 8.3% from 2019 to €1,207m | ☑ |
| Adjusted EBITDA margin(3) at 18.2% | ☑ |
| Excellent operating cash flow generation | ☑ |
| Net leverage(4) significantly reduced to 2.6x | ☑ |
(1) Order backlog is defined as the value of the order book at the respective reporting date by keeping record of customer orders starting from the opening stock and taking into account revenue and adjustments for the respective reporting period, and ending with the final stock. (2) Book-to-bill ratio is defined as order intake / reported revenue for the relevant period. (3) Adjusted EBITDA is defined as EBIT adjusted for depreciation and amortization (including non-recurring effects on earnings from purchase price allocations), as well as certain non-recurring effects relating to transaction costs, separation costs, IPO related costs and other non-recurring effects / reported revenue for the relevant period. (4) Net financial leverage including lease liabilities, excluding pensions.
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HENSOLDT – FY 2020 preliminary results
We continue to invest in…
(1) Reflects self-funded R&D investment in 2020A including R&D costs and additions to capitalized development costs
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Financials
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HENSOLDT – FY 2020 preliminary results
FY 2020 preliminary – step change in top line
in €m
Biggest order intake in HENSOLDT's history
Sustainable growth
Order backlog at record level
Order backlog (2)
Step change due to Eurofighter MK1 contract
Entire business develops as planned
Revenue increased by 8.3%
Contracts efficiently transformed into sales
Book-to-bill at 2.1x
Firm order backlog at €3.4m covering guided revenues 2021 >2x
(1) Order intake is defined as orders where the corresponding selling contract becomes effective and enforceable in accordance with the terms and conditions of the contract. (2) Order backlog is defined as the value of the order book at the respective reporting date by keeping record of customer orders starting from the opening stock and taking into account revenue and adjustments for the respective reporting period, and ending with the final stock.
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HENSOLDT – FY 2020 preliminary results
FY 2020 preliminary – further growth in bottom line
in €m
Sustained profitability
Improved cash flow generation
Adj. EBITDA
Adj. EBITDA and adj. EBIT above FY 2019
Pass-through business and major projects in early stage develop as expected
Adj. pre-tax unl. FCF(3)
Liquidity position further strengthened
thanks to strong operative cash profile in Q4
(1) Adjusted EBITDA is defined as EBIT adjusted for depreciation and amortization (including non-recurring effects on earnings from purchase price allocation) as well as except non-recurring effects arising to transaction costs, Thereafter costs (P/E related costs and other non-recurring effects (2) Adjusted EBIT is defined as EBIT adjusted for certain non-recurring effects leading to effects on earnings from purchase price allocations, transaction costs, separation costs, SPC related costs and other non-recurring effects. (2) Adjusted EBIT is defined as EBIT adjusted for nonrecurring operating effects as well as interest, tax and M&A activities. The free cash flow is defined as sum of the cash flows from operating and investing activities as reported in the consolidated cash flow statement.
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HENSOLDT – FY 2020 preliminary results
Further deleveraging
in €m
| Q4 provided evidence for strong operating cash-flow | |
|---|---|
| Net leverage develops positively | |
| Successful re-financing after IPO | |
| Capital costs reduced by 100 bps |
(1) Net debt excluding pension liabilities.
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HENSOLDT – FY 2020 preliminary results
Dividend proposal 2020
Guidance outlined
a dividend pro-rata (25%)
of up to 20%
of adjusted net income 2020
Due to the excellent business development,
the management board will propose to the
supervisory board and the AGM a dividend per
share of €0.13
This corresponds to ~20%
of adjusted net income 2020
on full-year basis
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HENSOLDT – FY 2020 preliminary results
Guidance 2021 and medium term targets confirmed
| 2021 target | 2022 target | Medium term target | ||
|---|---|---|---|---|
| Book-to-bill ratio(1) | ~2x | >1x | >1x | |
| Revenue / revenue growth | €1.4-1.6bn | Mid teens growth | Mid to high single digit | |
| Adj. EBITDA margin(2) | ~18% | Excl. pass-through revenues (~€100m) with effects from early stage of major projects | recovery to approx. 2019 levels in the medium term excl. pass-through revenues (~€150m) in short term | |
| Adj. pre-tax unlevered FCF(3) | ~70% conversion on adjusted EBITDA | NWC: stable in absolute terms, thereafter falling slightly as % of revenue | ||
| Cash tax rate: 2022: 10-12% thanks to use of tax loss carryforwards, medium term 28.3% | ||||
| Net leverage(4) | <2.25x | <2x | ||
| Dividend | Up to 20% of adj. net income | Up to 20% of adj. net income | 30-40% of adj. net income | |
| Capex and intangible investment | €85-90m p.a. | |||
| (o/w €50-55m capitalized R&D) | Capex: 2.0-2.5% of revenue | |||
| Cap. R&D: 2.0-3.0% of revenue | ||||
| D&A (% of revenues) | ~4% (o/w IAS38 1-2%) of revenue |
(1) Book-to-bill ratio is defined as order/number reported revenue for the released period. (2) Adjusted EBITDA is defined as EBIT adjusted for depreciation and amortization (including non-recurring effects on earnings from purchase price allocations), as well as certain non-recurring effects relating to transaction costs, expansion costs, IPO related costs and other non-recurring effects / reported revenue for the relevant period. (3) Adjusted Pre-Tax Unlevered Free Cash Flow is defined as free cash flow adjusted for non-recurring operating effects as well as interest, tax and M&A activities. The free cash flow is defined as sum of the cash flows from operating and investing activities as reported in the consolidated cash flow statement.(4) Net financial leverage including lease liabilities, excluding pensions.
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HENSOLDT – FY 2020 preliminary results
We walk the talk
HENSOLDT is on track and has delivered or even exceeded guidance in all KPIs for 2020
HENSOLDT fully confirms mid-term guidance for all KPIs
- Further growth in top and bottom line
- Profitability remains on high level due to efficient project execution
- Further investments in technology leadership
- Operative cash generation enables further deleveraging
- Dividend policy unchanged
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What is next:
We execute our business plan
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HENSOLDT – FY 2020 preliminary results
Soft order backlog continues to mature
EF MK 1 Spain
▼
~€0.1bn contract expected for 2021
Quadriga
▼
~€0.4bn, contract booked by OEM, flow down expected for 2021
MKS180
▼
~€0.2bn, contract booked by OEM, flow down and delivery starting 2021
PEGASUS
▼
~€1.0bn, proposal submitted, contract in negotiation, order intake expected for 2021
Halcon
▼
~€0.2bn, contract not yet received by OEM, flow down expected for 2021
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HENSOLDT – FY 2020 preliminary results
European key programs evolving
FCAS
MAWS
MGCS
Various contracts in negotiation and close to conclusion (Demonstrator Phase 1b, GE-national Masterplan)
Continuation of bi-national feasibility study in negotiation
HENSOLDT selected for German share in the Sensor Demonstrator MTD 12, securing major share in overall MGCS sensor system
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HENSOLDT – FY 2020 preliminary results
Increasing defence electronics content is driving future growth
Previous generation
Leopard 2A4
c. 25%
Tornado
c. 25%
c. 20%
Current generation
Leopard 2A7+
c. 45%
Eurofighter
c. 40%
Indicative systems
- Acoustics
- EW
- Optronics
- Radar
- Comms
- C2/BM / Avionics
New-build equipment features a greater degree of defense electronic systems than previous generations
Source: RSAdvisors. (1) Defined as value of built-in electronic or digital systems (e.g. stabilisation systems for turrets, situational awareness systems, radar, electronic warfare systems etc.) as a percentage of total platform value.
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HENSOLDT – FY 2020 preliminary results
European defence electronics demand 2020 to 2025 in €m
Budgets allocated to defence electronics procurement and PITDAE by Region
Source: Jane's Defense Sector Budgets 04/2020, Russia and China excluded Defense Electronics consist of Optronics, Radar, Communications, C2, Intelligence and Sonar (excluding Avionics) – Excluding Russia and China – Exchange rate (USD/EUR) = 1,127
(1) CAGR 2020-2025, including inflation effects
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HENSOLDT – FY 2020 preliminary results
HENSOLDT is well positioned to benefit from sustainable growth momentum in defence industry
Focused M&A strategy targeting bolt-on acquisitions
Continue to push leading edge technologies, e.g. data analytics, cyber protection, fully digital radar and EW systems
Benefit from the supercycle with tailwind in home countries, strong order backlog and substantial pipeline
Further expand ESG activities → First sustainability report to be published in April 2021
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Q&A session
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Financial Section
21
HENSOLDT – FY 2020 preliminary results
Reconciliation of reported to adjusted pre-tax unlevered FCF
| Fiscal Year | ||
|---|---|---|
| €m | 2020 | 2019 |
| Cash flows from operating activities | 196.9 | 83.2 |
| Cash flows from investing activities | (95.0) | (165.6) |
| Free cash flow | 102.0 | (82.4) |
| (+) Transaction costs | 1.1 | 0.0 |
| (+) Separation costs | 0.0 | (0.3) |
| (+) IPO related costs | 37.8 | 0.5 |
| (+) Other non-recurring effects | 11.5 | 15.0 |
| (+) Interest(1), income tax(2) and M&A-activities(3) | 44.1 | 142.1 |
| Adjusted pre-tax unlevered free cash flow | 196.4 | 74.9 |
| Cash flows from financing activities | 411.0 | (9.1) |
(1) Defined as 'interest paid' as reported in the consolidated cash flow statement. (2) Defined as 'income taxes payments / refunds' as reported in the consolidated cash flow statement. (3) Defined as sum of 'Share of profit in entities recognized according to the equity method'. 'Acquisition of associates, other investments and other non-current investments'. 'Disposal of associates, other investments and other non-current investments'. 'Proceeds from sale of intangible assets and property, plant and equipment'. 'Acquisition of subsidiaries net of acquired cash' and 'Other' cash flows from investing activities' as reported in the consolidated cash flow statement.
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HENSOLDT – FY 2020 preliminary results
Reconciliation of order intake, segment revenue and adjusted EBITDA to group figures
| Fiscal Year | ||
|---|---|---|
| €m | 2020 | 2019 |
| Order intake | 2,541.3 | 1,040.0 |
| Sensors | 2,238.1 | 657.5 |
| Optronics | 308.3 | 383.3 |
| Elimination/Transversal/Others | (5.0) | (0.8) |
| €m | ||
| Revenue | 1,206.9 | 1,114.2 |
| Sensors | 923.6 | 837.1 |
| Optronics | 288.1 | 277.4 |
| Elimination/Transversal/Others | (4.8) | (0.3) |
| €m | ||
| Adjusted EBITDA(1) | 219.3 | 215.6 |
| Sensors | 156.2 | 162.5 |
| Optronics | 65.6 | 54.3 |
| Elimination/Transversal/Others | (2.6) | (1.2) |
(1) Adjusted EBITDA is defined as EBIT adjusted for depreciation and amortization (including non-recurring effects on earnings from purchase price allocations), as well as certain non-recurring effects relating to transaction costs, separation costs, IPO related costs and other non-recurring effects.
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HENSOLDT – FY 2020 preliminary results
Overview of EBITDA and EBIT adjustments
| EBITDA adjustments (€m) | ||
|---|---|---|
| 2020 | 2019 | |
| EBIT | 68.5 | 62.1 |
| (+) Depreciation | 41.2 | 38.1 |
| (+) Amortization | 79.6 | 95.7 |
| EBITDA | 189.3 | 195.9 |
| (+) Transaction costs | 0.9 | 0.5 |
| (+) Separation costs | 0.0 | (4.9) |
| (+) IPO related costs | 15.8 | 5.5 |
| (+) Other non-recurring effects | 13.2 | 18.6 |
| Adj. EBITDA | 219.3 | 215.6 |
| EBIT adjustments (€m) | ||
| --- | --- | --- |
| 2020 | 2019 | |
| EBIT | 68.5 | 62.1 |
| (+) Effect on earnings from purchase price allocations | 68.6 | 78.8 |
| thereof intangible assets | 67.9 | 78.1 |
| thereof property, plant and equipment | 0.7 | 0.7 |
| thereof inventories | - | - |
| (+) Transaction costs | 0.9 | 0.5 |
| (+) Separation costs | 0.0 | (4.9) |
| (+) IPO related costs | 15.8 | 5.5 |
| (+) Other non-recurring effects | 13.4 | 18.8 |
| Adj. EBIT | 167.2 | 160.8 |
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HENSOLDT – FY 2020 preliminary results
Key KPIs HENSOLDT Group
€m
| 2020 | 2019 | Guidance | |
|---|---|---|---|
| Order backlog^{(1)} | 3,424.0 | 2,202.3 | ☑ |
| Order intake | 2,541.3 | 1,040.0 | - |
| Book-to-bill ratio^{(2)} | 2.1 | 0.9 | - |
| Revenue | 1,206.9 | 1,114.2 | ☑ |
| Adjusted EBIT^{(3)} | 167.2 | 160.8 | - |
| Adjusted EBITDA^{(4)} | 219.3 | 215.6 | ☑ |
| Adjusted EBITDA margin | 18.2% | 19.3% | ☑ |
| Adjusted pre-tax unlevered free cash flow^{(5)} | 196.4 | 74.9 | ☑ |
| Net leverage^{(6)} | 2.6 | 4.3 | ☑ |
| Q4 2020 | Q4 2019 | ||
| --- | --- | ||
| n/a | n/a | ||
| 537.9 | 378.7 | ||
| 1.1 | 0.9 | ||
| 494.8 | 439.0 | ||
| 100.4 | 98.7 | ||
| 116.5 | 116.0 | ||
| 23.5% | 26.4% | ||
| 130.7 | 106.3 | ||
| n/a | n/a |
(1) Order backlog is defined as the value of the order book at the respective reporting date by keeping record of customer orders starting from the opening stock and taking into account revenue and adjustments for the respective reporting period, and ending with the End stock. (2) Book-to-Bill ratio is defined as order intake / reported revenue for the relevant period. (3) Adjusted EBIT is defined as EBIT adjusted for certain non-recurring effects relating to effects on earnings from purchase price, service/earnings, BFC model notes and other non-recurring effects. (4) Adjusted EBITDA is defined as EBIT adjusted for non-recurring and amortization, including non-recurring effects on earnings from purchase price adjustments, as well as certain non-recurring effects relating to transaction notes, secretions notes, BFC model notes and other non-recurring effects. (5) Adjusted pre-tax unlevered free cash flow is defined as free cash flow adjusted to non-recurring operating effects as well as interest, tax and M&A activities. The free cash flow is defined as sum of the cash flows from operating and investing activities as reported in the consolidated cash flow statement. (6) Adjusted Pre-Tax Unlevered Free Cash Flow is defined as free cash flow adjusted for non-recurring operating effects as well as interest, tax and M&A activities. The free cash flow is defined as sum of the cash flows from operating and investing activities as reported in the consolidated cash flow statement. (7) The financial leverage including lease liabilities, excluding pensions.
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HENSOLDT – FY 2020 preliminary results
A unique high growth defence and security investment proposition
| European pure-play sensor solutions leader with state-of-the-art technology | Focused capability
100%
Pure-play Sensor Solutions^{(1)} | Leadership
Champion^{(2)}
Status with 150 yeas of heritage | Strong technology
€87m
Applied R&D spend^{(3)} in 2020A
+75% since 2017 |
| --- | --- | --- | --- |
| Addressing multiple attractive markets | Growth markets^{(4)}
Non-defence
~84%
defence | Global reach^{(4)}
RoW
24%
51%
Germany
Rest of Europe
25% | Across divisions^{(4)}
Customer Services
33%
33%
Radar, IFF & Comms
Optronics
21% |
| Strong financial profile with high growth visibility | Scale
€1.2bn
2020A- Revenue
~4.5x
Firm and soft order
backlog coverage
FY 2020^{(5)} | Attractive margin
18%
2020A
Adj. EBITDA margin^{(6)} | Growth outlook
~€10bn
2021-23E
Pipeline^{(7)} |
Source: Company information, RSAdesom, [1]; Sensor solutions comprise ≤ 100% of group revenues, [2] Based for being the "big, serious" technology provider for the German government (see per RSAdesom), [3] Reflects self-funded R&D investment in 2020A including R&D costs and accounts to participate (assessment costs, [4] Reflects 2020A revenue distribution for HENSOLDT based on end customer, [5] Firm and soft order backlog coverage for 2020A, [6] Affiliated as firm order backlog as of December 31, 2020 plus expected order intake volume (given recent budget approvals, partial budget approvals, budget committee assessments, priority identified), [7] R&D cost, revenue, firm order backlog is defined for the value of full order base at a maximum reporting date (if known), record of customer information by 2021, [8] Specific stock-out being the amount invested and necessitated for the respective reporting period, and end user's own account as of revenue, [7] Pipeline is defined as total identified opportunities open for tender based on management estimates of total value of contracts addressable over 2021-2029E (unadjusted for non-probabilities for HENSOLDT), €10bn queries including some of the requiring short-cycle / aftercare business.
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HENSOLDT – FY 2020 preliminary results
Acquisition of SAIL LABS – Creating a virtual sensor
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HENSOLDT – FY 2020 preliminary results
HENSOLDT is a “true defence” company with a strong focus on ESG
OUR PURPOSE
We at HENSOLDT exist to pioneer technologies and human potential that promote the protection of all kind of species worldwide.
Our activities shall serve the higher purpose of securing the freedom and future of our planet, our nature and our lives.
Protect With Our Products
We strive to protect the nations with our sensor solutions and electronics portfolio to foster the security and resilience of our society.
Embrace Human Potential
We recognize our employees as our most valuable asset. Our goal is to enhance a culture of life-long learning and offer opportunities to the generation of tomorrow.
Demonstrate Integrity
We seek responsible leadership and are keen to anchor our culture of Integrity and honesty through strong corporate values and principles.
Strengthen Societal Engagement
We foster relationships of the local communities. Transparency and communication shall encourage a collaborative atmosphere and strengthen society's trust.
Fight For Our Planet
We aim to reduce the environmental impact of our operations, promote alternative energies and contribute to combat the world's climate challenges.
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HENSOLDT – FY 2020 preliminary results
HENSOLDT takes action to foster sustainability
People
- Support of local communities, education and development of our society
- Diversity and equal opportunities at all levels of the organization (Elevate, Initiative Chefsache)
- Personal and career development to leverage our human potential (iLead, Women’s bursary program South Africa)
- Activities at universities and on social media to attract the pioneers of tomorrow
Planet
- 100% Green electricity at German sites
- Mobility Concept promoting hybrid and electric vehicles
- Alternative energies from solar power or hydrogen
- Wildlife Protection
Performance
- Comprehensive compliance program implemented
- Strong export control processes in place to ensure HENSOLDT products are not used for abuse of human rights
- Identification of non-financial risks and opportunities integrated into ERM
- Around 16% of revenues are non-defence related
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HENSOLDT – FY 2020 preliminary results
ESG parameters account for 30% of management’s LTIP
Environmental Targets 2024
- Increase of Renewable Energies up to 70%
- Reduction of CO2 Emissions by 20%
- Reduction of VOC (volatile organic compounds) by 20%
Diversity Targets 2024
- Women in Leadership Team: 25%
- Women in Executive Committee: 35%
- Women among Experts: 10%
Achievements
- Materiality Assessment 2020 according to GRI and SASB
- Holistic sustainability program following multinational frameworks
- Group-wide sustainability data management and reporting tool
- Sustainability Governance and ESG Committee
- Definition of ESG Targets 2024 Germany
Ambitions
- Sustainability to be fully anchored in our corporate culture
- Publication of Group Sustainability Report in 04/2021
- Development of HENSOLDT climate strategy
- Participation in ESG Ratings and Sustainability Indices
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HENSOLDT
This document and its content is the property of HENSOLDT AG. It shall not be communicated to any third party without the owner's written consent. © Copyright HENSOLDT 2021. All rights reserved.
HENSOLDT – FY 2020 preliminary results
IR Contacts
Contact
-
Contact:
Veronika Zimmermann
Julia Szeszat -
Phone:
+49 89 51518 2499 -
Email:
[email protected] -
Internet:
www.hensoldt.net
HENSOLDT share
-
Type of share:
Bearer shares -
Stock Exchange:
Frankfurt Stock Exchange -
Security reference number:
ISIN DE000HAG0005
Reports
-
Financial Reports:
https://investors.hensoldt.net -
Annual Report:
https://annualreport.hensoldt.net -
Sustainability Report:
www.hensoldt.net
Detect and Protect
This document and its content is the property of HENSOLDT AG. It shall not be communicated to any third party without the owner's written consent. © Copyright HENSOLDT 2021. All rights reserved.
HENSOLDT
HENSOLDT – FY 2020 preliminary results
Upcoming IR events*
- Dates might be subjected to changes
Detect and Protect
This document and its content is the property of HENSOLDT AG. It shall not be communicated to any third party without the owner's written consent. © Copyright HENSOLDT 2021. All rights reserved.
HENSOLDT
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